The Philippine peso hovered near the 63-per-dollar level on Monday, extending its run of record lows as a resilient US currency and growing expectations of higher US interest rates weighed on the local unit.

The peso gained 0.4 centavos from its previous close to finish at 62.586 per dollar. But it fell as low as 62.775 during the session, setting another intraday record before paring its losses.